April 30, 2010
SUMNER REGIONAL HEALTH SYSTEMS ANNOUNCES
PROPOSED SALE TO LIFEPOINT HOSPITALS
Sale to be Facilitated through Chapter 11 Process
Operations to Continue as Normal at All HighPoint Health System Facilities
Sumner Regional Health Systems, Inc., (HighPoint Health System), a not-for-profit healthcare system serving the needs of communities in Tennessee through its four hospitals (Sumner Regional Medical Center, Trousdale Medical Center, Riverview Regional Medical Center and Riverview Regional Medical Center – South) and other healthcare related programs and services, announced today that its Board of Directors has unanimously approved the proposed sale of the health system to LifePoint Hospitals, Inc. (LifePoint), a leading hospital company focused on providing quality healthcare services to non-urban communities.
“Following an exhaustive review of 10 bids, I am pleased to announce the proposed sale of Sumner Regional Health Systems to LifePoint Hospitals,” said George Carter, chairman of the HighPoint Health System Board of Directors. “We are confident that this acquisition will secure the future of the organization, resulting in a stronger health system that is able to provide the complete array of core and specialty medical services that our communities have come to rely on from HighPoint Health System.”
HighPoint Health System and LifePoint have entered into a definitive asset purchase agreement for the sale of substantially all of HighPoint Health System's assets. The sale will close following a Chapter 11 filing and 363 sale process, which is expected to conclude over the summer.
“For many months, our Board of Directors and senior leadership team have been working diligently to explore all strategic options available to HighPoint Health System to achieve our goal of becoming a viable, sustainable, high-quality health system for the long-term. We are confident that our partnership with LifePoint will enable us to do exactly that,” said Roger E. Kaiser, Jr., M.D., CEO of HighPoint Health System.
“This is great news for our organization and a testament to the hard work of our associates and physicians who have maintained their commitment to providing the highest levels of patient care during this crucial point in our history,” Kaiser added. “The thoughtful process we have planned will facilitate the sale of HighPoint Health System's operations, while protecting all of our constituents and securing the long-term future of the organization through its acquisition by a financially sound, high quality, reputable hospital company.”
“The sale to LifePoint will provide a number of benefits to our physicians, associates, patients and the community,” continued Carter. “Patients who have relied on our hospitals will continue to receive quality care from our physicians and associates; our physicians and associates will have access to best practices across a larger health system; and our hospitals will have the backing and stability of a nationally recognized, well-capitalized company with a long-standing commitment to non-urban communities, which is particularly important during these times of state and federal financial uncertainty.”
There will be no disruption to the day-to-day operations of the hospitals and affiliates of HighPoint Health System, including employee pay and benefits.
Kaiser said, “Our medical staff and associates look forward to continuing to serve the communities that have counted on us for more than 50 years to provide outstanding patient care and services.”
About Sumner Regional Health Systems, Inc.
Sumner Regional Health Systems, Inc. (SRHS) is a private, not-for-profit healthcare organization serving eleven counties in the northern middle Tennessee region. The system provides a wide spectrum of general and specialized healthcare services through its four community hospitals and multiple affiliates. Learn more about HighPoint Health System at www.sumnerregional.org.
About LifePoint Hospitals
LifePoint Hospitals, Inc. is a leading hospital company focused on providing quality healthcare services close to home. Through its subsidiaries, LifePoint operates 48 hospital campuses in 17 states. With a mission of “Making Communities Healthier®,” LifePoint is the sole community hospital provider in the majority of the communities it serves. More information about the Company, which is headquartered in Brentwood, Tennessee, can be found on its website, www.LifePointHospitals.com. All references to “LifePoint,” "LifePoint Hospitals," or the “Company” used in this release refer to LifePoint Hospitals, Inc. or its affiliates.
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